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China’s new ship orders in 2020 surpass South Korea, No.1 in world after 2 years

China’s 2020 new shipbuilding orders exceeded those of South Korea and returned the country to the No.1 spot after two years, CCTV reported on Sunday. According to data released by the Ministry of Industry and Information Technology (MIIT) on Friday, China’s three major indicators in the shipbuilding industry – completed ships, new orders and orders on hand – were all in leading positions worldwide in 2020 with 43.1 percent, 48.8 percent and 44.7 percent of the global market share. South Korea and Japan respectively took 41.4 percent and 7 percent ...

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The Great Lakes Towing Company names latest Damen Stan Tug 1907 ICE harbour tugs

On 16th December, The Great Lakes Towing Company named two new tugs, the Pennsylvania and Wisconsin, at the Cleveland, Ohio, facility of its sister company Great Lakes Shipyard. The new tugs are the fourth and fifth vessels in a series of ten Damen Stan Tug 1907 ICE harbour tugs that Great Lakes Shipyard is building for The Great Lakes Towing Company’s operations, via Damen Technical Cooperation (DTC). Operated by two-man crews, these compact and versatile tugs deliver up to 30 tonnes of bollard pull and can be found in operation ...

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Korean shipbuilders top global order book, share 10 year high at 43 percent

South Korean shipbuilders topped the global order book in 2020 thanks to a flood of year-end orders. According to Clarkson Research, a shipping industry tracker in Britain, on Tuesday, Korean shipyards won orders of 8.19 million compensated gross tonnage (CGT) for 187 vessels in 2020, accounting for 43 percent of total global orders for 19.24 million CGT for 738 vessels last year. China came second with 7.93 million CGT for 353 ships, or 41 percent of global orders. The global order book for new ships dropped 66 percent from 29.1 ...

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Ship repair and retrofit goes digital

Leading ship maintenance specialist, Newport Shipping, has unveiled a first of kind, innovative online portal that has been specifically designed to ease the complexities of ship repair and retrofit works. Digitalisation is making its mark in the shipping sector, with many bespoke online tools now being utilised daily to operate and manage the world’s merchant vessel fleet. Arguably however, the ship repair and retrofit sector has lagged behind in adapting to the digital age, with most of the work around these vital activities still being conducted via complex spreadsheets, layers ...

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GTT obtains Approval in Principle from Bureau Veritas for the NO96 containment system application as LNG fuel tank for Ultra Large Container Vessels

GTT has obtained approval in principle (AiP) for the NO96 membrane containment system for LNG fuel tank application for Ultra Large Container Vessel (ULCV) from Bureau Veritas (BV) classification society. GTT and BV reviewed the compatibility and safe integration of the NO96 technology as an LNG fuel tank in a container vessel hull. Over the course of the AIP study, a liquid motion assessment of the tank configuration has been performed. Philippe Berterottière, Chairman and CEO of GTT, said: “We are pleased to receive this new Approval in Principle which ...

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KSOE Bags Orders Worth 1.3 Tril. Won in One Week

A 318,000-ton VLCC built by Hyundai Heavy Industries is in test operations. Korea Shipbuilding & Offshore Engineering (KSOE), a holding company of Hyundai Heavy Industries Group’s shipbuilding business, are enjoying brisk orders at the beginning of the year. KSOE has recently signed a contract with a European shipping company to build two 300,000-ton very large crude carriers (VLCCs) worth about 200 billion won, the company said on Jan. 12. As a result, KSOE booked orders for 11 vessels worth about 1.3 trillion won, including six super container ships, one LNG ...

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KSOE Wins Orders for 3 Ships Worth 288 Bil. Won

Korea Shipbuilding & Offshore Engineering (KSOE), the holding company of Hyundai Heavy Industries Group’s shipbuilding sector, has won orders for three vessels worth 288 billion won. The company announced on Jan. 11 that it has signed a contract with shipping companies in Liberia, Oceania and Asia to build a 174,000-cubic-meter LNG carrier, a 40,000-cubic-meter liquefied petroleum gas (LPG) carrier and a 50,000-ton petroleum carrier (PC). The contracts include options for two equivalent LNG carriers and one LPG carrier. When these options are included, the total value of the deals rises ...

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BMT Awarded Contract for New Gourock Ferry Concept Design

Caledonian Maritime Assets Limited (CMAL) has awarded a contract to international design and engineering firm BMT to provide consultancy services for the concept design of a new passenger ferry for the Gourock, Dunoon and Kilcreggan routes. The new ferry will be designed to replace the vessels currently operated on the routes by CalMac. The contract is part of the Gourock Harbour Infrastructure & Vessels Project, which is a partnership between Transport Scotland, CMAL, CalMac and Argyll and Bute Council. The project covers the redevelopment of Gourock Ferry Terminal and works ...

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Three Damen companies working closely together to get P&O Ferries’ Pride of Canterbury back to work

Late last year, a team of Damen group subsidiaries completed a challenging project to replace one of the twin rudder stocks on P&O Ferries’ Pride of Canterbury. The 180-metre, 30,635 GT RoPax vessel operates on the Dover-Calais crossing, the busiest shipping lane in the world. The nearly 30-year old vessel is equipped with twin Van der Velden® BARKE rudder systems engineered and made by Damen Marine Components (DMC). Replacing the stock on the starboard rudder enables the ferry to extend its already long life in such a demanding role. The ...

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Alang goes green

Ship recycling plots in Alang, home to the world’s largest stretch of shipbreaking facilities in Gujarat’s Bhavnagar district, beached 196 ships in calendar year 2020 for dismantling, benefiting from the green recycling policies of global ship owners for their end-of-life ships. In comparison, sub-continent rivals Bangladesh beached 150 ships and Pakistan 95 ships. In 2019, Alang beached 186 ships for recycling. Over 90 of the 120 working plots at Alang are certified for compliance with green recycling standards prescribed by the Hong Kong International Convention for the Safe and Environmentally ...

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Samsung Heavy Industries: Overvalued Relative to Earnings Outlook

We lift our TP on Samsung Heavy Industries (SHI) to KRW6,000 (12-month forward BVPS x target P/B of 0.79x) to reflect revisions to: (1) ROE; (2) market risk premium applied by KB Securities (5.93% in 2020 → 7.28% in 2021); (3) earnings forecast; and (4) beta adjustment method, in addition to updating risk-free rate and terminal growth rate given market rate changes. Despite the upward revision, we maintain HOLD as our TP falls short of the Jan 7 closing price. Revisions mostly due to no longer applying ROE discount and ...

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KSOE: Top Pick for Korea Shipbuilding

We lift our TP on Korea Shipbuilding & Offshore Engineering (KSOE) to KRW140,000 (12-month forward BVPS x target P/B of 0.85x) to reflect revisions to: (1) ROE; (2) market risk premium applied by KB Securities (5.93% in 2020 → 7.28% in 2021); (3) earnings forecast; and (4) beta adjustment method, in addition to updating risk-free rate and terminal growth rate given market rate changes. Despite the recent rally, we maintain BUY as shares offer an upside of 18.1% based on our revised TP. Revisions mostly due to no longer applying ...

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Korean Shipbuilders Account for 43% of Global Orders in 2020

Korean shipbuilders accounted for 42.6 percent of the global shipbuilding orders in 2020, retaining the No. 1 status in the global market for three consecutive years. China closely trailed Korea with a 3.3 percent gap. The Korean Ministry of Trade, Industry and Energy announced on Dec. 5 that Korea has taken 8.19 million CGTs of the global order placement total of 19.24 million CGTs in 2020. China hit 7.93 million CGTs. Until the first half of 2020, China logged 4.08 million CGTs, three times higher than Korea’s 1.35 million CGTs. ...

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Demystifying Ship Recycling: Impermeable Floor at the Recycling Facilities in India

End-of-life vessels are delivered to the recycling facilities located on the coast of the Alang, India. The Hong Kong Convention (HKC) compliant recycling facilities in India have built the impermeable floors in recycling plots adjacent to the beach. The impermeable floors are constructed from multiple layers of gravels, coarse sand, plain cement concrete, and reinforced cement concrete. The usual thickness of the concrete floor is observed between 60 cm to 100 cm. In fact, some yards have designed impermeable floors beyond the requirement and such yards have provided extra layers ...

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Korean Shipbuilders Sweep New Orders Worth US$13.9 Bil. in Q4 of 2020

Korean shipbuilders made an impressive comeback in the fourth quarter of 2020 by bagging new orders worth US$13.9 billion. The large order intake represented a dramatic turnaround from the order drought that the shipbuilders had suffered until the end of the third quarter due to the COVID-19 pandemic. The value of the orders booked in the fourth quarter is double the cumulative total of the US$7 billion recorded in the first three quarters of 2020. Korea Shipbuilding & Offshore Engineering (KOSE), a shipbuilding arm of Hyundai Heavy Industries Group, recorded ...

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